Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission has issued a direct and unambiguous warning to Nigerian lawyers: stop charging your clients in foreign currencies, or face prosecution. The warning was delivered on Friday, September 11, 2026, by the Acting Zonal Director of the EFCC's Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo, during a meeting with the Nigerian Bar Association's Lagos Task Force on Illegal Practice of Law, led by its head, Moshood Abiola. The commission described the practice of billing clients in dollars, pounds, euros or any currency other than the naira as both illegal and unethical, and made it clear that professional status would not shield anyone from investigation and prosecution.
The meeting, which took place at the EFCC's Lagos office, focused on tackling illegal practices within the legal profession and strengthening collaboration between the anti-graft agency and the NBA task force. Kaltungo expressed concern over the activities of some lawyers involved in what he described as illegal and unethical professional practices, stressing that members of the legal profession were not exempt from accountability when their activities breached the law. He urged lawyers to comply with applicable laws and professional standards, warning that the commission would not hesitate to prosecute anyone found culpable. The EFCC subsequently disclosed the warning in a statement posted on its official social media pages on Monday, September 14, 2026, bringing the issue to the attention of the wider public.
The warning is not an isolated pronouncement. It forms part of a broader and sustained campaign by the EFCC against the dollarisation of the Nigerian economy, a practice that has been identified as a significant threat to the stability of the naira and the effectiveness of the country's monetary policy. In 2024, the EFCC Chairman, Ola Olukoyede, issued a similar warning to schools, supermarkets, hotels and other businesses, cautioning them against charging for goods and services in dollars or other foreign currencies within Nigeria. At the time, Olukoyede warned that the dollarisation of the economy could constitute a criminal offence under Nigerian laws and that anyone found engaging in the practice could face prosecution. The latest warning to lawyers extends that campaign into the heart of the legal profession, a sector whose members are expected to be custodians of the law rather than violators of it.
For many Nigerian lawyers, particularly those in the commercial and corporate practice space, charging fees in foreign currencies has become a routine practice, particularly when dealing with multinational clients, international transactions or matters that involve foreign investment. The rationale is often pragmatic: legal fees denominated in naira can rapidly lose value in an inflationary environment, and foreign-currency billing provides a measure of protection against exchange-rate volatility. The EFCC's warning, however, makes it clear that this pragmatic approach has legal and ethical consequences that lawyers can no longer ignore. By billing in foreign currencies, lawyers are effectively participating in the dollarisation of the domestic economy, undermining the naira and contributing to the very monetary instability that the government is trying to address.
The warning also raises important questions about the enforcement of the Nigerian Bar Association's rules of professional conduct. The NBA's Rules of Professional Conduct for Legal Practitioners require lawyers to charge reasonable fees and to avoid practices that bring the profession into disrepute. While the rules do not explicitly prohibit foreign-currency billing, the EFCC's intervention suggests that such billing may be construed as a violation of both the letter and the spirit of professional regulations. The NBA Lagos Task Force on Illegal Practice of Law, which visited the EFCC as part of its engagement with relevant institutions, has itself been active in tackling illegal practices within the profession, and its collaboration with the EFCC signals a growing determination to address misconduct that has previously gone unchecked.
The implications of the EFCC's warning are significant. Lawyers who continue to charge clients in foreign currencies now face the prospect of investigation and prosecution by an agency that has demonstrated a willingness to pursue professionals across various sectors. The commission's statement emphasised that professional status does not exempt anyone from investigation or prosecution where there is evidence of criminal conduct. For a profession that prides itself on upholding the rule of law, the warning serves as a sobering reminder that lawyers are not above the law and that the privileges of the profession come with responsibilities that cannot be waived or ignored.
The timing of the warning is also noteworthy. It comes amid broader efforts by the Nigerian authorities to strengthen compliance with financial regulations and curb practices that could undermine the country's financial system. The Central Bank of Nigeria has repeatedly warned against the use of foreign currencies in domestic transactions, and the EFCC has intensified its enforcement activities in response. The warning to lawyers is therefore part of a coordinated effort to address a practice that has become deeply entrenched in the Nigerian economy and that poses a direct challenge to the government's monetary policy objectives. For the legal profession, the message is clear: the era of dollar-denominated legal fees is over, and those who fail to comply will face the consequences.
The EFCC has consistently maintained that its mandate extends to all persons and institutions whose conduct falls within the scope of its enabling laws, and the latest warning to lawyers is a reaffirmation of that position. As the commission continues its campaign against financial misconduct, the legal profession is now on notice that it is not immune from scrutiny. For lawyers across Nigeria, the choice is simple: adapt to the new reality and begin billing in naira, or face the full weight of the law. The EFCC has made it clear that it will not hesitate to act against anyone found culpable, and it is now up to the legal profession to demonstrate that it is capable of regulating itself before the regulators step in.
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